Lennar Corporation (LEN-B) Income Statement
LEN-B FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsLEN-B revenue and net income
Where LEN-B's revenue goes
FY2025Each bar shows an amount and its share of revenue. LEN-B kept 6.1% of revenue as net income.
LEN-B profit margins
LEN-B growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.5% | +0.5% | +8.7% | +13.7% |
| Gross profit | −38.4% | −22.2% | −0.5% | +10.0% |
| Operating income | −43.3% | −26.0% | −2.6% | +9.7% |
| Net income | −47.2% | −23.3% | −3.4% | +10.0% |
| EPS (diluted) | −43.7% | −20.3% | +0.3% | +9.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LEN-B quarterly EPS vs estimates
Lennar beat the analyst EPS estimate in 2 of the last 4 quarters.
LEN-B income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.19B | $35.44B | $34.23B | $33.67B | $27.13B | $22.49B | $22.26B | $20.57B | $12.65B | $10.95B |
| Cost of revenue | $30.80B | $29.94B | $249.0M | $26.47B | $21.59B | $19.01B | $19.46B | $18.24B | $11.02B | $9.46B |
| Gross profit | $3.39B | $5.50B | $33.98B | $7.20B | $5.54B | $3.47B | $2.80B | $2.33B | $1.62B | $1.49B |
| Sales, general & admin | $636.7M | $649.0M | $501.3M | $414.5M | $398.4M | $333.4M | $321.2M | $343.9M | $285.9M | $232.6M |
| Total operating expenses | $636.7M | $649.0M | $501.3M | $414.5M | $398.4M | $333.4M | $321.2M | $343.9M | $285.9M | $232.6M |
| Operating income | $2.75B | $4.85B | $5.53B | $6.79B | $5.14B | $3.14B | $2.48B | $1.99B | $1.48B | $1.26B |
| Interest expense | $13.9M | $18.8M | $257.9M | $19.1M | $20.1M | $22.4M | $17.6M | $11.3M | $7.2M | $4.6M |
| Income before taxes | $2.81B | $5.18B | $5.20B | $6.01B | $5.82B | $3.12B | $2.43B | $2.26B | $1.19B | $1.33B |
| Income taxes | $705.6M | $1.22B | $1.24B | $1.37B | $1.36B | $656.2M | $592.2M | $545.2M | $417.9M | $417.4M |
| Net income | $2.08B | $3.93B | $3.94B | $4.61B | $4.43B | $2.47B | $1.85B | $1.70B | $810.5M | $911.8M |
| EBITDA | $2.96B | $5.32B | $5.53B | $6.12B | $5.93B | $3.24B | $2.57B | $2.08B | $1.54B | $1.31B |
| EPS (diluted) | $7.99 | $14.18 | $13.76 | $15.76 | $14.28 | $7.86 | $5.76 | $5.26 | $3.77 | $4.23 |
| Gross margin | 9.9% | 15.5% | 99.3% | 21.4% | 20.4% | 15.4% | 12.6% | 11.3% | 12.8% | 13.7% |
| Operating margin | 8.0% | 13.7% | 16.1% | 20.2% | 18.9% | 14.0% | 11.1% | 9.7% | 11.7% | 11.5% |
| Net margin | 6.1% | 11.1% | 11.5% | 13.7% | 16.3% | 11.0% | 8.3% | 8.2% | 6.4% | 8.3% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.05B | $7.94B | $6.62B | $9.37B | $8.81B | $8.38B | $7.63B | $9.95B | $9.42B | $8.77B | $7.31B | $10.97B |
| Cost of revenue | $6.71B | $7.45B | $6.23B | $8.54B | $7.92B | $7.57B | $6.77B | $8.39B | $7.94B | $7.37B | $6.24B | $31.6M |
| Gross profit | $1.33B | $490.5M | $390.7M | $829.0M | $892.6M | $804.4M | $861.1M | $1.56B | $1.47B | $1.40B | $1.08B | $10.94B |
| Sales, general & admin | $851.9M | $136.1M | $157.6M | $162.1M | $171.4M | $155.9M | $147.4M | $170.0M | $164.7M | $157.0M | $157.3M | $136.3M |
| Total operating expenses | $872.8M | $142.0M | $157.6M | $162.1M | $171.4M | $155.9M | $147.4M | $170.0M | $164.7M | $157.0M | $157.3M | $136.3M |
| Operating income | $459.8M | $348.4M | $233.1M | $667.0M | $721.2M | $648.6M | $713.7M | $1.39B | $1.31B | $1.24B | $917.9M | $1.91B |
| Interest expense | $59.2M | $55.3M | — | — | $49.3M | $37.2M | $31.6M | $4.5M | $43.8M | — | $44.1M | $74.5M |
| Income before taxes | $387.1M | $413.2M | $302.5M | $683.0M | $790.7M | $641.9M | $698.2M | $1.46B | $1.54B | $1.26B | $930.8M | $1.78B |
| Income taxes | $101.6M | $105.1M | $69.1M | $185.1M | $190.9M | $160.1M | $169.5M | $358.1M | $347.9M | $300.5M | $210.9M | $416.8M |
| Net income | $283.9M | $308.1M | $229.4M | $490.2M | $591.0M | $477.4M | $519.5M | $1.10B | $1.16B | $954.3M | $719.3M | $1.36B |
| EBITDA | $446.2M | $503.8M | $335.8M | $718.0M | $824.9M | $675.7M | $729.6M | $1.49B | $1.56B | $1.29B | $957.9M | $1.91B |
| EPS (diluted) | $1.19 | $1.27 | $0.94 | $1.93 | $2.29 | $1.81 | $1.96 | $3.90 | $4.26 | $3.45 | $2.57 | $4.82 |
| Gross margin | 16.6% | 6.2% | 5.9% | 8.9% | 10.1% | 9.6% | 11.3% | 15.6% | 15.6% | 15.9% | 14.7% | 99.7% |
| Operating margin | 5.7% | 4.4% | 3.5% | 7.1% | 8.2% | 7.7% | 9.4% | 13.9% | 13.9% | 14.1% | 12.6% | 17.4% |
| Net margin | 3.5% | 3.9% | 3.5% | 5.2% | 6.7% | 5.7% | 6.8% | 11.0% | 12.3% | 10.9% | 9.8% | 12.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LEN-B's financial statements (latest annual report filed January 28, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LEN-B financial results
In fiscal year 2025 (ended November 30, 2025), Lennar reported revenue of $34.2 billion, down 3.5% from the year before. It had net income of $2.1 billion (down 47.2%), a net profit margin of 6.1%. Diluted earnings per share came to $7.99. Over five years revenue grew at an average rate of 8.7% a year.
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LEN-B income statement FAQ
What is Lennar's annual revenue?
Lennar reported total revenue of $34.2 billion for fiscal year 2025, which ended on November 30, 2025. That was down 3.5% from $35.4 billion the previous year.
Is Lennar profitable?
Yes. Lennar reported net income of $2.1 billion in fiscal 2025, a net profit margin of 6.1%; its operating margin was 8.0%.
What is Lennar's gross margin?
Lennar's gross margin was 9.9% in fiscal 2025: for every $100 of revenue, Lennar kept $10 after the direct cost of its products and services.
How fast is Lennar growing?
Revenue grew 8.7% a year on average over the last five fiscal years, from $22.5 billion to $34.2 billion.
What are Lennar's earnings per share?
Lennar earned $7.99 per diluted share in fiscal 2025, compared with $14.18 a year earlier.
When does Lennar's fiscal year end?
Lennar's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on January 28, 2026.